Tesla Inc Chief Executive Officer Elon Musk had tweeted that the electric carmaker will resume allowing bitcoin transactions when miners who verify transactions use more renewable energy.
“When there`s confirmation of reasonable (50%) clean energy usage by miners with a positive future trend, Tesla will resume allowing Bitcoin transactions,” he said in a tweet.
Bitcoin surged 5.1% to $37,360.63 at 1810, adding $1,817.87 to its previous close, after Musk’s tweet.
Musk further revealed that Tesla sold about 10% of holdings to confirm bitcoin could be liquidated easily without moving the market.
He announced in May that Tesla would no longer accept bitcoin for car purchases due to environmental concerns for a swift reversal in the company’s position on the cryptocurrency. Bitcoin fell more than 10% after his tweet.
The billionaire further said that he believed cryptocurrency has a promising future, but it cannot be at great cost to the environment.
In February, Tesla revealed it had bought $1.5 billion of bitcoin and would accept it as a form of payment for cars.
The company had only started accepting Bitcoin in late March. Musk also said that Tesla will no longer sell any more of the $1.5 billion Bitcoins it purchased earlier this year.
Musk who also hosted the Saturday Night Live show on TV last weekend promoted Dogecoin which is the fourth-largest cryptocurrency by market value.